According to our most recent State of Software Security Report, the financial services industry has fewer security flaws in its applications than last year. Great news, right? That said, the reduction in security flaws isn’t as significant as we would hope to see. The financial services industry has traditionally been recognized for having the least amount of security flaws.
Can you name the top cybersecurity risks for banking and investment? Most would probably list cyber attacks like phishing, credential theft, DDoS, and maybe ransomware. But would it surprise you to learn that there is something on the list that many in the banking and investment industry forget–and that’s client-side cybersecurity threats. You know the kind…the ones related to jQuery, cross-site scripting (XSS), JavaScript injections, formjacking, etc.
The global financial services industry is undergoing a seismic shift and not enough people are truly aware of what this means. By November of this year, banks and other financial institutions must have in place a new process for payment systems that uses the ISO 20022 standard instead of SWIFT. This must be active by November and by 2025, all financial institutions will have to be compliant.
Losing money to cybercriminals is the financial industry's biggest threat today. Billions of dollars have been lost in 2022 alone due to cyber security incidents. This money is unrecoverable and can be blamed on one thing - poor cybersecurity practices. The money goes straight to the pockets of hackers so they can build bigger and better ways to hack and steal our money.
Globally, the telecom service providers are under massive pressure to add new revenue streams because of the commoditization of voice and data services and dropping margins. In this regard, several service providers have started offering financial services to leverage their distributor network and existing relationship with the subscribers.
Fintech, short for ‘financial technology, is the application of new technological advancements to products and services in the financial industry. The Fintech industry is rapidly evolving, driven in part by the adoption of new technologies such as artificial intelligence and blockchain-powered assets. Currently, the Fintech market is projected to reach $190 billion by 2026, growing annually by 13.7%.
It’s almost that time of the year to file taxes in Portugal, so John opens the email he received asking him to submit his taxes. It’s from a bank he trusts, so he follows the instructions in the email and proceeds to download the attached PDF. Little did he know that when he clicked the links in the email body, the Lampion trojan was downloaded from an online server.
